The price of Bitcoin attempted to surpass $31,800 but couldn't sustain the gains, leading to a correction. Currently, BTC is striving for a fresh increase, finding support at the $29,950 level.
Bitcoin's price is currently consolidating losses above the crucial $30,000 support zone. It remains below $30,500 and the 100 hourly Simple moving average. On the hourly chart of the BTC/USD pair from Kraken, a significant bearish trend line is forming, indicating resistance around $30,320.
For a potential bullish momentum, it is essential for the pair to achieve a close above $30,400. However, during the recent price rally, Bitcoin managed to surpass the $31,400 resistance level. Nevertheless, it encountered difficulty surpassing $31,800 and remained below $32,000.
At its peak, the price reached around $31,790 before experiencing a sharp decline. It dropped below the key levels of $31,000 and $30,400, even briefly dipping below $30,000. Eventually, the price found a low near $29,950 and is now in a consolidation phase.
Presently, Bitcoin is trading below $30,500 and the 100 hourly Simple moving average. The critical bearish trend line near $30,320 on the BTC/USD hourly chart continues to pose resistance.
The immediate resistance lies near $30,300, aligned with the trend line. Beyond that, the first major resistance level stands at approximately $30,400, near the 23.6% Fibonacci retracement level of the downward move from the $31,790 swing high to the $29,950 low. A successful breakthrough above this level would potentially pave the way for further bullish momentum.
BTCUSD
SELL 30400 - 30600 💯💯
✅ TP1: 30100
✅ TP2: 29800
✅ TP3: 29500
🛑 SL: 31000
Bitcoin's price is currently consolidating losses above the crucial $30,000 support zone. It remains below $30,500 and the 100 hourly Simple moving average. On the hourly chart of the BTC/USD pair from Kraken, a significant bearish trend line is forming, indicating resistance around $30,320.
For a potential bullish momentum, it is essential for the pair to achieve a close above $30,400. However, during the recent price rally, Bitcoin managed to surpass the $31,400 resistance level. Nevertheless, it encountered difficulty surpassing $31,800 and remained below $32,000.
At its peak, the price reached around $31,790 before experiencing a sharp decline. It dropped below the key levels of $31,000 and $30,400, even briefly dipping below $30,000. Eventually, the price found a low near $29,950 and is now in a consolidation phase.
Presently, Bitcoin is trading below $30,500 and the 100 hourly Simple moving average. The critical bearish trend line near $30,320 on the BTC/USD hourly chart continues to pose resistance.
The immediate resistance lies near $30,300, aligned with the trend line. Beyond that, the first major resistance level stands at approximately $30,400, near the 23.6% Fibonacci retracement level of the downward move from the $31,790 swing high to the $29,950 low. A successful breakthrough above this level would potentially pave the way for further bullish momentum.
BTCUSD
SELL 30400 - 30600 💯💯 ✅ TP1: 30100
✅ TP2: 29800
✅ TP3: 29500
🛑 SL: 31000
